South Sound median prices jump in July, but county results vary

A home under construction and for sale is shown in Roswell, Ga. On Tuesday, The CoreLogic HPI Forecast indicates that home prices nationwide will increase by 5.3 percent on a year-over-year basis from June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from June 2016 to July 2016. John BazemoreAssociated Press file, 2015

A home under construction and for sale is shown in Roswell, Ga. On Tuesday, The CoreLogic HPI Forecast indicates that home prices nationwide will increase by 5.3 percent on a year-over-year basis from June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from June 2016 to July 2016. John BazemoreAssociated Press file, 2015

Despite another jump in South Sound median home prices, sales results were mixed in Pierce and Thurston counties in July, according to Northwest Multiple Listing Service data released Thursday.

The difference in single-family residence sales last month likely can be tied to inventory levels.

In Pierce County, months of inventory — an estimate of how long the supply of single-family residences would be exhausted at the current pace of sales — fell below two months. In Thurston County, months of inventory was higher than two months, likely providing enough supply for a few interested buyers.

Or perhaps a lot more because more than 500 single-family residences sold in Thurston County last month, a monthly sales total not seen since before the Great Recession. Single-family residence sales in Thurston rose nearly 15 percent, while in Pierce County, sales were flat, up less than 1 percent, the year-over-year July data show.

Meanwhile, in King County, year-over-year July sales fell again, down 3.34 percent, another sign for Seattle-area buyers that there just isn’t enough product to choose from. Months of inventory in King County last month stood at around one month, the data show. However, the median price of a single-family residence rose 14.4 percent to $555,000.

A closer look at the South Sound single-family residence data for July 2016/2015:

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Data showed a 78 percent year-over-year gain in King County home inventory, which could ease the market in areas around Seattle. Pierce County’s median closed home sale price in September was $352,750, up a bit from August’s $352,000.